For almost two months, a new headline about some company announcing a “restructuring plan” or “reducing its workforce” has been a constant presence in news cycles. According to a report published by consulting firm Challenger, Gray & Christmas, the month of September saw 58,877 job cuts, an increase of nearly 43% from August. And, the report found that the number of layoffs during the third quarter of 2015 were the worst since the third quarter of 2009.
Yesterday, German-based Deutsche Bank (DB – Analyst Report) announced a major reduction of 35,000 workers and a withdrawal from operations in 10 countries, due to a record net loss of £6 billion (or $6.56 billion)in the third quarter of this year.
What other companies have cut jobs? Let’s take a look at 12 companies who have chosen to reduce their workforces.
Twitter (TWTR)
Photo: Dashtab
Earlier this month, struggling social networking company Twitter announced that it would lay off up to 336 people, or roughly 8%, of its workforce as part of a restructuring plan. Many of the affected positions will come from the Product and Engineering teams. Twitter expects the plan to cost somewhere between $5 million-$15 million.
Wal-Mart (WMT)
Photo: Yahoo News
In order to keep its pricing competitive and reduce expenses, Walmart announced earlier this month that it will lay off 450 employees at its headquarters in Arkansas. The affected employees include senior and department managers in various company sectors.
Biogen (BIIB)
Photo: Biogen
Announced as part of its third quarter earnings release, biotech company Biogen will be cutting 11% of its workforce, or 889 employees, after two of its main multiple sclerosis drugs underperformed. The company hopes the restructuring plan, which also includes cancelling some drug development programs, will save then $250 million per year.
Whole Foods Market (WFM)
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